The opportunity cost of a hot dog in terms of hamburgers is
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Explanation:
The opportunity cost of a hot dog in terms of hamburgers is the ratio of the slope of the demand curve for hot dogs to the slope of the demand curve for hamburgers.
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The opportunity cost of a hot dog in terms of hamburgers is the ratio of the slope of the demand curve for hot dogs to the slope of the demand curve for hamburgers.
- Opportunity cost simply means that if you chose one activity you are giving up the opportunity to do a different option.
- Opportunity cost is simply calculated as the ratio of quantity gained and quantity sacrificed.
- Here, there are two goods, hot dogs and hamburgers. The opportunity cost can then be calculated as the number of hot dogs gained or the number of hamburgers sacrificed.
- Hence, the answer to this question will be, The opportunity cost of a hot dog in terms of hamburgers is the ratio of the slope of the demand curve for hot dogs to the slope of the demand curve for hamburgers.
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